Atomic Wallet: leveraging Blockchain Technology

Atomic Wallet: Leveraging Blockchain Technology

The blockchain as it is commonly known is a continuously updated distributed digital ledger. It permanently records all transactions and, by design, it is practically unalterable. Most importantly it provides both parties with a transaction with the assurance provided by unbiased third party, without the expense of intermediation. The word ‘block’ comes from the fact that transactions are bundled together to form a new ‘block’.

The blockchain ledger replicates all historical transactions across millions of computers. This prevents a single user from tampering with history, as all records across the computers have to be in accordance with one another. There is a lot of potential behind the use of smart contracts. Smart contracts are agreements that can be understood and executed using machines. This renders a third- party arbitrator irrelevant. Moreover, the smart contract can also perform due diligence duties.

Challenges of the Crypto market

The cryptocurrency market seems to be growing in popularity every day. With the astronomical rise of cryptocurrencies like Bitcoin and Ethereum, there seems to be an influx of people into the market. However,despite all these large numbers, there are a number of major problems that plague the market. To use these numbers solely as an appraisal index of the state of the market would present a false narrative. There are structural and functional issues that affect the markrt. These problems stem from a variety of reasons such as the infant nature of the market, lack of understanding of the cryptocurrency space, and some peculiar economics of cryptocurrencies. The following are some of the major problems in the cryptocurrency sphere. Custody risk – is the risk of a loss being incurred on securities in custody as a result of a custodian’s insolvency, negligence, misuse of assets, fraud, poor administration or inadequate record-keeping. Exchange providers today manage large volumes and exposed to custody risks thus, jeopardizing the ideas of transparency.

The theft of $69 million worth of bitcoins from a Hong Kong-based exchange in 2016 highlights the continuing challenges around keeping large quantities of digital currency out of the reach of hackers. Bitfinex, one of the largest U.S. dollar bitcoin exchanges, said on Aug.2, 2016 that it lost 119,756 bitcoins after its platform was hacked. Bitfinex’s losses are the second largest behind Mt. Gox, the Tokyo- based bitcoin marketplace that collapsed in February 2014. Regulation - the internet technology that enables the use of virtual currencies as a means of payment is a network with a peer-to-peer architecture that is a fully distributed network, without a central unit controlling it. Such currency competes with traditional banks, which are also looking for a way to use it for their own needs. Many global supervisory and regulatory institutions have a rather skeptical view of digital currencies. There is also the problem of possible falsification and distortion of market data.

Atomic Wallet

Atomic wallet platform is unique and poised to solve some of the problems that have identified, it is unique in the sense that it is a proprietary engine, purposely created to solve its particular tasks. The idea here is to make use of a custom-built Byzantine consensus algorithm that keeps DOB historical data safe without resorting to ‘mine’ blocks, even in situations where your nodes malfunction or become likely to be affected by the actions of criminals. This structure makes it difficult for criminals to add data that is not accurate. Where there are instances of compromised nodes, Atomic Blockchain will continue to keep its basic security features, safeguarding data. The wallet blockchain instantly updates when there is an addition of a new block. Both successful and unsuccessful trades will be collected into blocks as the complete block is Atomically approved. Execution of trades is separate from the Atomic Wallet Blockchain. The wallet blockchain is used with the intention of storing historical data.

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